Today’s Objective…

Financial myths stump even the savviest of investors. Learn to distinguish fact from fiction. We’ll debunk misleading statements that can lead you astray.

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(Click the featured times below to jump forward in the episode)

First Things First.

  • [spp-timestamp time=”3:00″] – In The News: Financial Aid Invested In Bitcoin
  • 7:49 – Mailbag: Brent asks whether his son should take advantage of his internship’s 401k plan. 

Tactical Points:

Financial Myths: Don’t Touch The Principal. Live Off The Interest. 

  • 11:39 – It’s been a long, long time since you could reasonably expect to live off your interest. Investments just aren’t generating as much interest as they did in the past. Instead of shooting for unreasonable returns, generate multiple streams of income.

Financial Myths: The More A Financial Plan Weighs, The More Valuable It Is.

  • [spp-timestamp time=”13:06″]  – The notion a financial plan is only as good as a mammoth prospectus is just silly. Most of the time, financial institutions are shooting to impress you with slick pictures and fancy numbers. They produce these elephantine books that are chock-full of rubbish. It’s like in high school when all the girls wanted to date the air-headed jock.

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  • (Disclaimer: We’re not a bit salty we were never star athletes, and if you were, we’re sure you were an intelligent stud-muffin back in your glory days) Remember the old saying “Don’t judge a book by it’s cover.” Instead, read between the fluff, and discern whether the investment is really the right fit for you.

Financial Myths: My Life Is Simple. A Will Is All I’ll Need.

  • 17:01 – Believe us, there’s nothing simple about the probate process, and a will is most certainly not all you’ll need. You can put whomever you’d like in your will, but your beneficiary designations will quickly supplant whatever you bequeath to nephew Fred. In fact, Fred will quickly regret being in Great Uncle Cletus’ will once he has to go to probate court. You also need to have your healthcare documents in place. That way, if something happens to you, you’ll be able to tell your family how to care for you in the end.

More Planning Points: 

  • 19:32 – Financial Myths: My Spouse Will Be Fine When I’m Gone.
  • 21:32 – Financial Myths: When I Retire, I Need To Shift From Stocks To Bonds.

The Plan:

[spp-tweet tweet=”Don’t judge a book by it’s cover? Don’t judge a financial plan by it’s cover. Just because it has a really nice cover, doesn’t mean it has anything of any value inside of it. – Dan Betzel“]

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Extra Planning:

The host: Dan Betzel – ContactRetirement Trailblazer Guide – Retirement Rescue Toolkit – Call: 614-472-4510